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RDP 9006: Wage Contracts, Sticky Prices and Exchange Rate Volatility: Evidence from Nine Industrial Countries
Equation (11)
θ
O
=
cov
(
p
C
t
−
t
−
1
p
C
t
)
(
t
p
t
+
1
−
t
−
1
p
t
+
1
)
var
(
p
C
t
−
t
−
1
p
C
t
)
.
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